The Brazilian - who scored 42 goals in 55 league appearances for the Sky Blues before departing for Turkish Super Lig side Alanyaspor - will have to accept a downgraded deal to seal a Sydney return.
Having turned 34 in January and without any senior football since last November, Bobo has lost some of the lustre which convinced Alanyaspor to shell out $750,000 for his services nine months ago.
After 11 games without a goal in his fourth stint in Turkey, he left under acrimonious circumstances and is chasing the club for unpaid wages through a FIFA disputes committee.
In happier times, he won four pieces of silverware during his two-season Sky Blues spell.
The Sydney FC hierarchy are well aware they might not be getting the same calibre of finisher who commanded marquee status during his previous Moore Park tenure.
However, if terms can be agreed they are willing to bring him in under the cap on a one-year deal next season.
Vacancies are opening up in the final third of coach Steve Corica’s squad, with club great Alex Brosque having announced his retirement at season’s end, on-loan Siem de Jong likely to return to the Netherlands and Reza Ghoochannejhad’s loan from APOEL also due to expire.
Whilst Bobo’s fortunes have plummeted since his departure, the belief in the Sydney boardroom is that there is still enough fire left in his boots to light up the A-League again.
Talks between the club and Bobo’s agent are ongoing but no decisions will be finalised until the end of the season, with Corica and the Sky Blues’ football department focused on securing a top-two finish and a second championship in three seasons.
Sydney FC declined to comment on the Bobo speculation.
